WhatB次元官网网址檚 the value of the not-for-profit sector in Greater Victoria?
Certainly there are the social benefits that canB次元官网网址檛 be underestimated, but what about the economic benefits?
A new study from the University of Victoria and the Victoria Foundation shows that impact canB次元官网网址檛 be underestimated, either.
The impact of a Civil Society
The recently released Civil Society Impact Study measured the economic and social impact of more than 1,000 local registered charities B次元官网网址� also known as civil society.
The results? Not only did the sector generate more than $4 billion in direct local economic activity in 2016, but when combined with activity which indirectly supports the sector, that total reached over $6.8 billion!
B次元官网网址淭his research finally gives civil society organizations the credit they deserve,B次元官网网址� says Victoria Foundation CEO Sandra Richardson. B次元官网网址淲e already knew that the sector was incredibly valuable to our community, but this study has shown definitively that itB次元官网网址檚 right up there with tourism and the tech sectors as one of the most important to our regionB次元官网网址檚 economic and social wellbeing.B次元官网网址�
In comparison, studies undertaken for those sectors indicate an economic impact of:
- Tech Sector (2017) B次元官网网址� $5.22 billion, a combined direct ($4.06B) and indirect ($1.26B) economic impact.
- Tourism (2016) B次元官网网址� $2.3 billion, a combined direct, indirect and induced economic output.
- Victoria International Airport (2017) B次元官网网址� $880 million, a combined direct ($540M), indirect ($200M) and induced ($140M).
While research methodologies can differ, and typically rely on some extrapolation, the Civil Society study is unique in that researchers had reams of data to call upon. Because charities must file annual accounts with Canada Revenue Agency, all monies coming in and going out were clearly highlighted for every charitable organization in the region.
Why are Civil Society economics important?
Reflecting Civil SocietyB次元官网网址檚 contribution to the Capital Region economy, including , full-time equivalent jobs and municipal taxes supported by the non-profitsB次元官网网址� spending, that equates to 63,000 full-time equivalent jobs and over $300 million in annual municipal taxes.
With multiplier effects, that rises to the equivalent of 122,000 jobs and almost $584 million in municipal taxes!
Outside economics, the social contributions made by local civil society organizations is also significant. Using the as a framework, results show civil society organizations are making significant contributions to all 17 Goals at the individual, community and systems levels.
B次元官网网址淭he economic impact is tremendous and the stories that we collected provide an incredibly rich narrative of the ways these organizations are making positive and vital contributions to society and the planet,B次元官网网址� says Lead Researcher Dr. Crystal Tremblay, Special Advisor on Community-Engaged Scholarship at UVic.
To learn more, or read the full report, visit
***
Established in 1936, the is CanadaB次元官网网址檚 second oldest community foundation and the sixth largest of nearly 200 nation-wide. Managing charitable gifts from donors whose generosity allows them to create permanent, income-earning funds, proceeds from these funds are distributed as grants for charitable or educational purposes. To date the Victoria Foundation has invested more than $222 million in people, projects and non-profit organizations strengthening communities in B.C. and throughout Canada.